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Contract For Land Purchase for Nigeria

Contract For Land Purchase Template for Nigeria

A comprehensive legal agreement governed by Nigerian law for the purchase and sale of land, complying with the Land Use Act 1978 and relevant state-specific regulations. This document outlines the terms and conditions of the land transfer, including property details, purchase price, payment terms, warranties, and completion requirements. It incorporates necessary provisions for obtaining governor's consent, title verification, and registration of the transfer, while addressing specific Nigerian legal requirements for land transactions.

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What is a Contract For Land Purchase?

The Contract For Land Purchase is a crucial legal document used in Nigerian real estate transactions to formalize the transfer of land ownership between parties. It is designed to comply with the Land Use Act 1978 and other relevant Nigerian federal and state legislation. This document is essential when acquiring any type of land in Nigeria, whether for residential, commercial, or industrial purposes. It must address specific Nigerian requirements such as governor's consent, proper land registration, and compliance with local land use regulations. The contract protects both parties' interests by clearly defining the property, purchase terms, warranties, and completion requirements, while ensuring all necessary regulatory approvals are obtained. It's particularly important given Nigeria's unique land tenure system where the state governors hold land in trust for the people.

What sections should be included in a Contract For Land Purchase?

1. Parties: Identification and details of the Vendor and Purchaser, including full legal names, addresses, and registration details if companies

2. Background: Context of the transaction, including brief description of the property and intention to sell/purchase

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Description: Detailed description of the land including boundaries, measurements, and registration particulars

5. Purchase Price: Agreed purchase price and payment terms, including deposit and completion payment details

6. Conditions Precedent: Conditions that must be satisfied before completion, including title verification and governor's consent

7. Vendor's Representations and Warranties: Warranties regarding ownership, right to sell, absence of encumbrances, etc.

8. Completion: Process and requirements for completion of the sale

9. Title Documents and Transfer: Details of title transfer process and documentation requirements

10. Costs and Taxes: Allocation of transaction costs, stamp duty, and other fees

11. Risk and Insurance: Transfer of risk and insurance responsibilities

12. Default and Remedies: Consequences of default by either party and available remedies

13. Notices: Process for serving notices under the agreement

14. Governing Law: Confirmation of Nigerian law as governing law and jurisdiction

15. Execution: Signature blocks and execution formalities

What sections are optional to include in a Contract For Land Purchase?

1. Environmental Matters: Required when the property has specific environmental considerations or requirements

2. Planning Permissions: Needed when the land requires specific planning permissions or has development restrictions

3. Existing Tenancies: Required when the property is subject to existing lease agreements

4. Agricultural Provisions: Needed for agricultural land with specific usage requirements or restrictions

5. Mineral Rights: Required when mineral rights are being transferred or specifically excluded

6. Third Party Consents: Needed when specific third-party approvals are required for the transfer

7. Special Conditions: For any unique requirements or conditions specific to the transaction

8. Future Development Rights: When there are specific agreements about future development of the land

What schedules should be included in a Contract For Land Purchase?

1. Property Schedule: Detailed property description, including maps, plans, and exact measurements

2. Title Documents: List and copies of all relevant title documents

3. Payment Schedule: Detailed breakdown of payment terms and installments if applicable

4. Encumbrances Schedule: List of any existing encumbrances, easements, or restrictions

5. Inventory: List of any fixtures, fittings, or other items included in the sale

6. Required Consents: List of all required governmental and other consents

7. Outstanding Taxes: Details of any outstanding taxes or rates on the property

8. Land Use Specifications: Detailed information about permitted land use and zoning requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

Nigeria

Publisher

Ƶ

Document Type

Loan Agreement

Sector

Banking

Cost

Free to use

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